Investment of funds: delegation to county treasurer.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
In Floor Process
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill changes how counties manage investments of public funds. Currently, counties must delegate investment authority to their treasurer for one year and require an annual ordinance to revoke that delegation. The bill removes the one-year limit and the requirement for an ordinance to revoke the delegation, instead requiring the county board of supervisors to set reporting requirements and link delegation to the county’s investment policy, which mandates monthly or quarterly reports.
Key provisions
- County boards of supervisors can now delegate investment authority to the county treasurer indefinitely without a one-year limit.
- The delegation does not require an ordinance to be passed to revoke it.
- County boards of supervisors must establish monthly or quarterly reporting requirements for the county treasurer after a delegation is made.
- The delegation is now conditional on the county’s investment policy requiring regular reporting.
- The bill does not affect the county treasurer’s existing authority under Sections 53635 and 53684.
- The requirement for a legislative body to renew the delegation annually is removed.
Who is affected
- County Boards of Supervisors
- County Treasurers
- Local Agencies (counties)
- Investors (through county investments)
- County Residents (indirectly, through county finances)
Notable changes
Bill text
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Sponsors
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1 on record
Primary sponsor
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